Not very flattering analysis of the VC industry by the Kauffman Foundation.
http://www.kauffman.org/uploadedFiles/vc-enemy-is-us-report.pdf
Save for the top 10 or 20 VC's, they view the rest as having merely "seductive narratives" and vey poor returns.
The triumph of hope over experience.
What's your view?
The VC returns issue has been the industry's worst kept secret for a while now. Very early stage funds may be the exception... but perhaps only b/c there have historically been so few of them. We'll see if they continue to perform now that everyone and his mother has an incubator.
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